Chris Becker

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Macro Morning

Sentiment is reversing on risk markets amid concerns that slower growth is ahead as the latest German ZEW Survey indicated future economic expectations are flagging across the continent. The return of US traders did not help quell those concerns with Wall Street putting in a poor start to their shorter trading week, while the USD

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Macro Afternoon

Stocks continue to surge across Asia – except locally – with the lower USD and flat US stock futures still not hindering safe haven buying either. Risk currencies continue to pull back slightly with today’s RBA meeting and non-decisions keeping the Aussie dollar under control, while gold has slipped back to the $1817USD per ounce

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Macro Morning

The lack of US traders overnight due to Labor Day holiday saw currency markets go into a holding pattern while European stocks put in multi year highs, with German factory orders much firmer than expected. The rolling pace of vaccinations combined with more solid economic news is buoying risk taking on the continent, with Brexit

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Macro Afternoon

Stocks have surged across Asia despite the somewhat surprising undershoot in Friday night’s US unemployment print, with a lower USD and flat US stock futures not hindering action either. Risk currencies have pulled back slightly from their recent booming ascent, including gold which surged up towards the $1830USD per ounce level, but all the action

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Macro Morning

The latest US jobs report came and went on Friday night, setting the risk tone for the rest of the month as usual and surprised to the downside – maybe a little too much with another fall in the US ISM Manufacturing survey as well. The USD fell back only slightly while the Australian dollar

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Macro Afternoon

Japanese stocks are leading the way in the region with the stepping down of the Prime Minister, while traders overall are positioning for tonight’s all important US employment print. Risk currencies have slowed down their ascent, including gold which continues to hover above the $1800USD per ounce level, as Bitcoin tries to stabilise here after

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Macro Morning

The USD fell back again overnight as the weekly initial jobless numbers were slightly lower than expected, setting up for a dovish NFP print tonight that will set the risk taking for the month ahead. Notably, US GDP estimates have been pulled back which will add to the “don’t taper too soon please” dogma on

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Macro Afternoon

Outside of Chinese stocks, its been a relatively mild response on stock markets across Asia today following some mixed economic prints overnight, with local shares pulling back as the Australian dollar lurches towards the 74 cent level. While gold falls asleep just above the $1800USD per ounce level, Bitcoin has finally come to life with

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Macro Morning

The private ADP jobs number in the US overnight disappointed overnight, basically due to a lack of healthcare jobs as that sector reels from the delta COVID outbreak. This wasn’t enough to shift risk spirits however, with Wall Street remaining relatively as only tech stocks lifted higher. The latest ISM manufacturing print was more upbeat,

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Macro Afternoon

A relatively strong response on stock markets across Asia today as risk comes back to start a new month following some mixed economic prints overnight. The USD is bouncing back slightly although the Australian dollar surged on the latest GDP print and gold remains very strong here above the $1800USD per ounce level with the

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Macro Morning

Stock markets had a minor pause overnight due to a surprise upside print in European inflation and subsequent more talk about tapering QE while Wall Street absorbed a big fall in Chicago PMI print. Risk currencies and gold pulled back slightly, the former keeping well above the $1800USD per ounce level as USD remained relatively

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Macro Afternoon

A very solid positive start to the trading week here in Asia following the non-hawkish language on Friday from Jackson Hole, with most stock markets rising across the region. The lack of taper talk is keeping risk spirits elevated, with the new record high on Wall Street plus a goldilocks personal inflation print on Friday

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Macro Morning

The Jackson Hole conference ended up being less hawkish than expected with Fed Chair Powell giving US stocks another lift higher with no announcement or talking about tapering Fed stimulus. This sent Wall Street to a new record high and the USD through the floor as commodity currencies like the Australian dollar were able to

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Macro Afternoon

A very mixed finish to the trading week here in Asia with most stock markets putting in scratch sessions or minor retracement as traders await the outcome of the Fed’s Jackon Hole meeting and the PCE inflation print. The USD has fallen back slightly against the undollars, including Bitcoin but its gold that has found

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Macro Morning

The latest US GDP estimate came in firmer than expected and coupled with Fed member Kaplan gunning for a taper, this sent risk sentiment into reverse mode with Wall Street selling off after its snapback rally. Commodity currencies like the Australian dollar were unable to sustain their own bounceback despite a big rise in iron

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Macro Afternoon

Chinese stocks took a major tumble today in the wake of the Korean central bank raising rates which could the first step or misstep in battling the inflationary demon. The USD firmed against almost everything as a result with gold pushing further below the $1800USD per ounce level while Bitcoin has failed to maintain short

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Macro Morning

Wall Street extended its rally to five days with concerns around Fed tapering and COVID-19 continuing to dwindle (until the next bad news print) with the latest German IFO survey leading to a minor pullback locally while the US durable goods orders didn’t surprise either way.  Commodity currencies like the Australian dollar continued their bounceback

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Macro Afternoon

Stocks were a bit unsettled across Asia today with the USD firming against major risk currencies and undollar assets, arresting a weakening trend since the start of the trading week. Traders are awaiting the outcome of this weeks Jackson Hole conference with Fed tapering still on the minds of many, with gold inverting back below

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Macro Morning

Yet again, risk markets set aside real risk concerns and continued lifting undollar assets across the board although notably tech stocks outperformed everything else. Commodity currencies like the Australian dollar continued their bounceback while Treasury bond yields lifted slightly although short term yields continue to fall. Oil saw another big rally, up nearly 4% while

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Macro Afternoon

Green across the board here in Asia with stock markets continuing their very strong start to the trading week as overnight markets including Wall Street absorbed more really good economic news that wasn’t good enough to stop the taper.  Commodity currencies and undollars are bouncing back with gold remaining above the $1800USD per ounce level

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Macro Morning

Last night saw the risk mood remain buoyant as more US FDA approvals of vaccines and a series of flash PMI prints nearly confirming expectations that the Fed won’t taper as quickly as expected. Wall Street led by tech stocks rallied the hardest while the USD was sold off across the board with beleaguered commodity

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Macro Afternoon

Asian stock markets are starting the trading week in a much better fashion after the solid lead from Friday night on Wall Street with risk spirits higher despite some big increases in daily COVID infections across Europe and the US. Commodity currencies are bouncing back after cratering all last week although gold is almost unchanged

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Macro Morning

Friday night saw the risk mood turn buoyant after a tipsy turvy week of oscillating between fear and hope as the BTFD crowd stepped in again to rescue Wall Street. The lack of economic catalysts or further bad news helped pushed defensive assets like the USD down, allowing undollars to catch their breath while Treasury

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Macro Afternoon

Asian stock markets continue to sell off with only local shares escaping the risk off mood as European and Wall Street futures look dim going into the end of the trading week. Commodity currencies continue to crater although gold is holding on here but cannot manage to break through resistance at the $1800USD per ounce

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Macro Morning

The risk mood overnight was definitely bearish although the usual BTFD crowd stepped in at the last moment to rescue Wall Street from posting a nominal loss, with the latest initial weekly jobless claims coming in better than expected. The volatility in currency markets outweighed stocks with USD continuing its gains against undollars with Pound

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Macro Afternoon

A sea of red across Asian stock markets with European and Wall Street futures also looking dim as we head into the end of the trading week. Continued concerns around a Fed taper emptying the cash splash punchbowl casino that is risk markets everywhere is causing wobbles across commodity markets as well, although gold is

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Macro Morning

The US Federal Reserve has indicated that it wants to turn the taps off/stop filling the punchbowl/buying every asset in sight “sometime this year” in its latest minutes realised overnight and of course, rational economic perfect markets lost their collective shit. Wall Street fell across the board while the USD continued its gains against undollars

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Macro Afternoon

Asian stock markets have had divergent fortunes in today’s session with Chinese stocks rebounding following yesterday’s latest tech selloff, while local shares were dragged down by BHP losing 7% as it removes its dual listing in London. Concerns around COVID-19 in the US are still weighing on risk markets with USD still quite firm against

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Macro Morning

Covid concerns in the US and a poor retail sales print spooked markets overnight, already reeling from the Afghanistan collapse and weak data out of China. Wall Street finally had a sizeable dip instead of yet another record high but the real action is in currencies with the USD resurging against everything except defensive Yen,

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Macro Afternoon

The sea of red across Asian stock markets continues to deepen as the combined fallout from the Afghanistan collapse and increased concerns about COVID-19 in the US weigh on risk takers everywhere.  The USD is firming against most of the currency majors except gold which is closing in on the $1800USD per ounce level as